JPMorgan gave its financial advisors the green light to give all its wealth-management clients access to cryptocurrency funds, making it the first major US bank to do so, Insider has learned.
The bank, which has been making a significant push to grow its $630 billion wealth-management business, told advisors in a memo earlier this week that they can now take orders to buy and sell five cryptocurrency products, four from Grayscale Investments and one from Osprey Funds, effective July 19.
A person directly familiar with the move said it applies to all JPMorgan clients seeking investment advice, including its bank's self-directed clients using its commission-free Chase trading app, mass affluent clients whose assets are managed by financial advisors under JPMorgan Advisors, and ultrarich clients serviced by the private bank.
JPMorgan's advisors can execute only "unsolicited" crypto trades, meaning advisors cannot recommend the products but are allowed to buy or sell on the behalf of a client's request. The funds JPMorgan has approved include Grayscale's Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic vehicles, as well as Osprey Funds' Bitcoin Trust, the person said.
Spokespersons for both Grayscale and Osprey Funds confirmed that their respective funds are now on offer to JPMorgan's clients and said they were excited to work with the bank on digital currency products via emailed statements to Insider.
In April JPMorgan said it was preparing to offer an actively...